Lesego Platinum is on target to confirm a resource of platinum group metals (pgms) of some 20 million ounces, it has been reported.

While announcing that the company plans to list on the Johannesburg Stock Exchange, Mike Scott, Technical Director of Lesgeo told Mineweb that encouraging exploratory operations show that the company's Phosiri project could yield up to 20 million ounces of pgms.

Seismic work undertaken indicates a 7.9 g/t of pgms at the Merenksy reef, Mr Scott asserts, while the UG2 reef stands at 6.2 g/t of pgms.

Meanwhile, further readings from seismographs reveal that the two platinum reefs are 22 km long and carry low faulting.

Pending the anticipated result from a bankable feasibility study due to take place early next year and no further complications, Mr Smith expects Lesogo to be able to commence production three years later.

Mr Smith also confirmed that the company expects to be able to announce that it had secured the services of an industry-renowned platinum expert later this week.

According to a statement issued by the company in February, it is hoped that the listing, which is set to take place some time in the last quarter of the year, will raise at least R140 million.

Sources:

Lesego Platinum still aiming for 20m ounces, 13/06/07
http://www.mineweb.net/mineweb/view/mineweb/en/page35?oid=22186&sn=Detail

Pt junior sets out $20m IPO plan, 22/02/07
http://icms.iac.iafrica.com/pls/cms/iac.page?p_t1=1535&p_t2=0&p_t3=0&p_t4=0&p_dynamic=YP&p_content_id=635488&p_site_id=83

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